While the broader crypto market appears to be moving toward a potential bull-market phase, the non-fungible token (NFT) sector is experiencing a contrasting trend. The Nansen NFT-500 index, which gauges the valuation of the top 500 NFTs, has seen a 50% decline year-to-date when measured in Ether (ETH) and a 16% drop in US dollar terms. Meanwhile, the Blue-Chip 10 index, focused on the most popular NFT collections like CryptoPunks and the Bored Ape Yacht Club (BAYC), is down by 44% in ETH terms and 1.7% in USD.
The Contrasting Trends of the NFT Market
